01 Apr How can accountants help in a crisis?
Did you have a Crisis Plan in place, including protocols for financial management in troubled times?
The answer for many small businesses is no. Even those who did ‘plan for the worst’ will have been shocked by the massive repercussions of the Covid-19 pandemic.
However, if you have at least set up a strong working partnership with a small business accounting service, you have a ‘firm, helping hand’ to rely on.
Are you already on the Cloud?
In any form of crisis, your business could find itself relying more heavily than normal on cloud accounting. This is especially true with the huge migration to remote working, leaving owner-managers and other business decision-makers ‘stuck’ at home.
Migrating from manual or device-based accounting to a Cloud platform means your financial data is accessible around the clock, from anywhere in the world.
Access to up-to-the-minute advice
The first thing that probably came to mind during the current crisis is where to get help to understand Covid-19 financial support for small businesses and the self-employed. We have dealt with this in our article on COVID-19: What help is available for small businesses and sole traders?
It’s important to note that advice from accountants can help you to prepare more fully for future issue management too, and should be central to creating a Crisis Plan for the future.
Keeping your cash flow and payroll going
Possibly more pressing now is the issue of cash flow. Whatever the sudden and serious issue you have to manage, there is always the potential to find yourself stripped of readily available funds, making matters a great deal worse.
This is especially true when it comes to keeping your staff paid in a crisis. Your workforce can get you through the challenges ahead, but nothing demotivates them more than wages drying up!
Accountants can prove to be vital in helping your cash flow and payroll systems.
Supply chain transparency and other business issues
Long gone are the days when your accountant in Manchester was simply there to keep you tax-efficient and compliant. Modern accountancy should be an integral part of your business management and growth.
With the right cloud accounting systems already in place, you have a member of your executive ‘team’ able to assist in a number of crucial ways. This includes providing insights on how best to deal with your supply chain, customers, tax bills, investments and late payments in a crisis.
All of which is why finding Manchester freelance accounting services that can handle your business finances through the good times and bad is one of the best investments you can make. Call us for crisis help now.